Elon Musk, the billionaire CEO of Tesla and SpaceX, gave his 42 million Twitter followers a two-word directive last Thursday: “Use Signal.”
— Elon Musk (@elonmusk) January 7, 2021
Looking to get ahead of the game, investors bought up shares of Signal Advance Inc., a small Texas-based company that manufactures devices used to diagnosis health issues.
“The company’s stock, traded over the counter, spiked to $3.76 on the day of Musk’s tweet from 60 cents the day before,” The New York Post reported. “The shares nearly doubled to $7.19 on Friday and then skyrocketed 438 percent to $38.70 on Monday despite news reports about the apparent ticker confusion.”
Oops. Musk wasn’t referring to that Signal, but another company that runs a mobile app allowing users to exchange encrypted messages. That company is owned by the Signal Foundation, a three-year-old nonprofit that does not trade on the stock market.
That Signal told investors that it “has